Looking for a lender or assumable mortgage for my situation, please help?

There was almost 100k a year of income, then my health problems occurred鈥ow It鈥檚 about 48k a year, consist of alimony and child support. I need to get my health back on track. I need to re-finance before my adjustable rate kicks in, this month or next. The lender suggested a forbearance agreement which has been done. I know I will have a much harder time with payments, once that happens. Moving into a less expensive home, that would be great but there is no equity left for another down payment. I need a lender that can help? Or does anyone have an assumable mortgage for me to take over? How and where can I find an assumable mortgage? Help from this stressful situation would be greatly appreciated.Looking for a lender or assumable mortgage for my situation, please help?
You don't need to own a house right now. You need to dump the house and RENT until your health is back. Also if you rent you won't have the upkeep of the house or the stress over the payments. It's not as bad as it sounds.Looking for a lender or assumable mortgage for my situation, please help?
Upkeep is the same, either by owning or renting. Rent is still a payment. Why should I pay someone else's mortgage?


Not the best answer for me. Two thumbs down :(

Report Abuse

sell sell sell !!
I can do loans in forbearance but only to 75% loan to value. Assumable loans are very hard to find, but we do have some of those.





Matt


http://www.diversifiedlender.com/


http://www.minnesota-mortgage-rates.net/
I suggest you contact your lender to see if they will work with your through this tough time. If not, ask for Forbearance.





What is forbearance?





If you find you can鈥檛 meet your repayment schedule but you鈥檙e not eligible for a deferment, you might be granted forbearance for a limited and specified period. During forbearance, your payments are temporarily postponed or reduced. Unlike deferment, whether your loans are subsidized or unsubsidized, you鈥檒l be charged interest during forbearance. If you don鈥檛 pay the interest as it accrues, it will be capitalized. As is true with deferment, you aren鈥檛 just granted forbearance automatically; you must formally request one from your loan holder. You might have to provide documentation to support your request. You might be granted forbearance if you are unable to pay due to poor health or other unforeseen personal problems. serving in a medical or dental internship or residency. serving in a position under the National Community Service Trust Act of 1993 (forbearance can be granted for this reason for a Direct or FFEL Stafford Loan, but not for a PLUS Loan). obligated to make payments on certain federal student loans that are equal to or greater than 20 percent of your monthly gross income. This is not a complete list of conditions that might qualify you for forbearance.


For more information, contact your loan holder.





Unlike deferment, which you鈥檙e entitled to receive, the loan holder does not have to grant forbearance except in certain mandatory circumstances (check with your loan holder for details). In most cases, however, lenders are willing to work with you if you show you鈥檙e willing but temporarily unable to repay your debt.





Your other option is to sell the house before it goes into foreclosure, avoiding a bad credit history. Don't let this hurt your credit rating. It's better to accept something less in liveability than to risk a good credit standing for your future. Hugs

why doesn't my 7 week old kitten bury his poop

medium hair